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Possible Bullish Inside Day Candle Pattern Detected for Royal Caribbean (NYSE:RCL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Royal Caribbean (NYSE:RCL) based on the price action in the company's shares. Yesterday's price range of $34.13 and $35.29 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Royal Caribbean may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Royal Caribbean Cruises Ltd. operates as a global cruise company operating a fleet of vessels in the cruise vacation industries. The Company operates through brands which primarily serve the contemporary, premium, and deluxe segments of the cruise vacation industry which also includes the budget and luxury segments.

Royal Caribbean has overhead space with shares priced $36.88, or 74.2% below the average consensus analyst price target of $143.11. The stock should run into initial resistance at its 50-day moving average (MA) of $53.94 and subsequent resistance at its 200-day MA of $100.12.

In the past 52 weeks, Royal Caribbean share prices have been bracketed by a low of $19.25 and a high of $135.31 and closed yesterday at $36.88, 92% above that low price. The 200-day and 50-day moving averages have moved 1.54% lower and 10.3% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Royal Caribbean and will alert subscribers who have RCL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Royal Caribbean

Ticker(s): RCL